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Pulse-width modulation is a way to represent data over a communications channel. With pulse-width modulation, the value of a sample of data is represented by the length of a pulse.
Pulses of various lengths (the information itself) will be sent at regular intervals (the carrier frequency of the modulation).
The clock signal is not necessary as the leading edge of the data signal can be used as the clock if a small offset is added to the data value in order to avoid the lack of a pulse for zero values.
PWM is also used to vary the total amount of power delivered to a load without resistive waste. An RC filter can be used to smooth the pulse train into a steady analog voltage. This method is commonly used in DC motor speed control.